Tenant Screening and Move-in
Maintenance, Repairs, Remodeling and move-out’s
Rent collection and legal advice
1.Advice and support during property acquisition process
• Financial analysis
• Inspections and due diligence
• Negotiation and deal structure
• Financial underwriting
• Transactional processing of the purchase
2.Determine rental rate and market property for rent
• Review interior and exterior of property and offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.
• Gather data on rental rates in the area and determine optimal rental rate.
• Review pros and cons of different policies such as accepting pets, allowing smoking, provide laundry services etc.
• Clean units to optimize interior appeal and improve landscaping to increase curb appeal
• Create ads tailored to the property and use advertising mediums such as:
»Paid and free rental listing websites
• Meet prospective tenants for showings throughout the week and weekend.
• Provide prospective tenants with rental applications that are legally compliant with fair housing laws and collect applications fees
3. Tenant Screening and Move-in
• Perform a background check to verify identity, income, credit history, rental history, etc.
• Grade tenant according to pre-defined tenant criteria
• Inform tenants who were turned down
• Fill up leasing agreement
• Review lease guidelines with tenant regarding things like rental payment terms, rules and regulations and required property maintenance
• Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
• Collect first months rent and security deposit
4. Rent collection and legal advice
• Receiving rent
• Sending out late pay notices
• Enforcing late fees
• Evictions: Coordinating with law enforcement to remove tenant and tenants possessions from unit
• Advise in the event of a legal dispute or litigation
• Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
5. Financial Reporting
• Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
• Provide accounting property management services
• Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
• Detailed documentation of expenses via invoices and receipts
• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
• Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
• Advise owner on relevant tax deductions related to their rental property
6. Maintenance, Repairs, Remodeling and move-out’s
• Provide and oversee an in-house maintenance crew
• Provide an network of licensed and fully insured contractors who have been vetted for good pricing and good work that is up to code.
• Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
• Provide periodic reports on the condition of the property
• Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.
•Maintain and monitor a 24 hour emergency repair hot-line
• Larger renovation or rehab projects
• Provide recommendations on how the project can maximize rental income.
• Prepare preliminary cost estimates
• Inspect unit and fill out a report on the unit's condition when the client moves out
• Provide tenant with a copy as well as estimated damages
• Return the balance of the security deposit to the tenant
• Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
• Clean unit and perform and needed repairs or upgrades
• Re-key the locks
• Put the property back on the market for rent
7. Advice and support during property deposition process
• Suggest right timing and price to sell in order to maximize equity and ROI
• Compile the financial and legal due diligence packages
• Enhance the curb appeal of the property and evict/replace problem tenants
• Involve specialized real estate brokers and nearby property owners
Advice and support during property acquisition process
Determine rental rate and market property for rent
Advice and support during property deposition process